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The delegated investments are a special instance of fiduciary relationships that may be influenced by various personal and behavioral aspects of investment professionals. For this reason, this study investigates the conditional impact of big five personality traits on the performance of investment professionals. Respondents included 248 investment professionals selected through a judgmental sampling technique with 94% being male within age range of 20 to 40 years. Responses were acquired on questionnaires that cover the aspects of personality traits (adopted from Mayfield et al., 2008); soft factors (adopted from Ali, 2011; Baumer, 2020; Deventer & Mlambo, 2009; Helm, 2007; Sultana et al., 2017; Saudi, 2014), investment decisions (adopted from Ahmad, 2021) and investment performance in delegated investments (adopted from Fairbank et al., 2006). Findings revealed significant mediating effects of agreeableness on the long-term investment decisions and the performance of investment professionals in Pakistan. In addition, soft factors mediated between the relationship of personality traits and the performance of investment professionals observed. Results of the study contribute to literature related to behavioral finance and provide valuable insights for investors while deciding to delegate their investments to professionals. The novelty in our work is the relationship between personality traits and investment decisions tested in the context of delegated investments with mediating effects of soft factors.

The first and only comprehensive explanation of GIPS, including how to comply with and implement them While the CFA Institute has published Global Investment Performance Standards (GIPS) for years, there has never been a serious discussion of their implementation and best use.

Purpose Fundamental classifications of knowledge may be measurable as factors of production and can reveal evidence of specialization between adjacent stages of production even in the presence of shared substantive knowledge. This study of aims to distinguish between, and empirically measure, relative reliance on fundamental classifications of knowledge at the individual level. Design/methodology/approach In this study, investment managers were asked in an online survey to weigh their relative reliance on tacit, codified and encapsulated knowledge in executing different investment strategies for diverse client groups. Measures of relative reliance on each fundamental classification of knowledge were derived from weights assigned by each survey respondent in a series of six questions. Findings Survey respondents provided reliable measures of their relative reliance on tacit, codified and encapsulated knowledge. Reliance on these fundamental classifications of knowledge is shown to differ between investment managers, depending on the investment strategies being used and client groups served. These differences were exhibited notwithstanding all the respondents sharing common substantive knowledge. Research limitations/implications Measures of relative reliance on three classifications of knowledge were based on self-reported ratings rather than on objectively observed phenomena, making them subject to measurement error. Therefore, researchers are encouraged to observe relative reliance on tacit, codified and encapsulated knowledge in future studies. Originality/value The divergences in relative reliance on the fundamentally different knowledge-based factors of production were found in the presence of jointly held substantive knowledge, suggesting that fundamental classifications of knowledge are measurable and can provide evidence of specialization.

The impact of good governance on investment management and performance is immense. Several key factors contribute to good governance within pension funds, appropriate governance structures; well-defined accountabilities, policies, and procedures; and suitable processes for the selection and operation of governing bodies and managing institutions. Not surprisingly, good governance requires leadership by individuals with the expertise, professionalism, and integrity to navigate a fund's direction and withstand pressures from multiple constituencies. In the current context of aging populations in many countries, fiscal burdens on pension funds are increasing. At the same time, the necessity of delivering on pension commitments in contributory schemes means that governance, transparency, and accountability should be of utmost importance to pension fund managers. With these concerns in mind, part three of this book provides useful perspectives from senior managers of public pension funds, international pension authorities, and multilateral institution representatives on the structures, policies, and processes that aim to support good governance. Principally reflecting on the characteristics that have been conducive to good governance, including reform measures undertaken, they also consider policy and investment management measures taken to effectively manage fiscal risks, including those that emerged from the financial crisis.

This concluding chapter highlights the author's goal in writing this book. As an institutional consultant advising clients with a total of $14 billion in assets, including several portfolios in excess of $1 billion, the author was fortunate to have the opportunity to interact with some of the smartest investment minds in the world. The author was exposed to a wide variety of investment strategies from the most forward‐thinking investors in the industry. He shares insights gleaned from the brightest investment professionals should be shared. The author introduces perspectives that one should consider before making the crucial asset allocation decision for a portfolio.

Purpose - The purpose of this paper is to investigate what types of information are crucial to support investment decisions, how investment professionals find information that they use to advise their clients, what types of sources of information are available to them, what sources they prefer, and what difficulties they experience in finding investment information. The study also explores the preferred ways and means to improve the information finding skills of investment professionals.Design methodology approach - Survey method was used to collect data about information-seeking behavior of investment professionals. An online questionnaire was used as a data collection instrument. The questionnaire contained eight questions about types of information required for investment analysis, information-finding practices of professionals, tools and services frequently used, and perceptions of investment professionals about the importance of sources of information. Participants were also asked about the use of social media and social software, and frequently-used information sources on investment opportunities.Findings - Investment professionals in Kuwait are relying heavily on electronic and digital sources to find investment information. Participants indicated that a wide variety of financial and non-financial information was needed to support their work. They reported frequent use of e-mail and smartphones to access internal and external information. While they benefitted from social media and social software, they considered company intranets and portals, external web sites, and business information services more important to fulfill their information needs. They appeared to be confident about their information-finding skills but considered training helpful in database and internet searching techniques.Originality value - This study has made valuable information available on information-seeking practices of investment professionals, as very few previous studies could be found in the literature. The first phase was an exploratory study. The second phase of the study will use multiple methods such as interview and focus group discussions to probe further in certain areas.

The financial industry is in the business of selling complexity, always ready to change the packaging on existing products or close the ones that are not working. Wall Street will try to overwhelm the investors with higher costs, and needless complexity. Hundreds of mutual funds are both created and destroyed on an annual basis. This chapter gives a brief idea about the scenario of Wall Street, and the general behavior of investment professional. The industry basically throws a bunch of funds up against the wall hoping some will stick. At the same time, there are always new and creative ways to sell new funds or products that play up to investor emotions and the recent market action. Wall Street is notorious for taking investing fads too far by creating far too many products when something shows promising performance. Wall Street is in the business of fee generation, having a fair idea about human nature and how to sell much better than anyone. Investors are not obligated to invest in something just because it is out there. Available does not always mean necessary.

This chapter contains sections titled: Professionally Managed, Turnkey Private Foundations Foundation Manager's Role Conclusion

This chapter discusses the professional investment management companies, their owners, their expertise, and the sort of companies and products available on the market. Investment management in banks is offered as a service to their customers. The banks have to take care to show that their investment management divisions are separate from other areas of the bank, particularly, their trading divisions. The non‐bank part of the market is a large and thriving area, ranging from small firms with only a few million dollars under management, to firms like Blackrock with $3.2 trillion in assets. There are two styles of investment management, passive and active management. Passive management is designed to have the minimum amount of movements within the fund as the money is invested to replicate and therefore track an index. Active management focuses on trying to outperform the market by investment selection. Irrespective of the style of investment management being used, the investment managers would need to employ all sorts of financial products, and possibly others, to build up their portfolios.